Amendments to IPSAS Standards: Specific IFRIC Interpretations adds authoritative guidance to IPSAS Standards, based on four IFRIC Interpretations, to help entities better understand and apply existing IPSAS principles.
The additional guidance does not change the existing accounting principles; rather, it clarifies the application of existing principles to specific matters.
Dr. Yun Huang became a member of the IPSASB in January 2025. She was nominated by the Chinese Institute of Certified Public Accountants.
Dr. Huang is the Director of Accounting Standards Division I of Accounting Regulatory Department of Chinese Ministry of Finance (China MOF). The Accounting Regulatory Department of China MOF sets Chinese Accounting Standards, and Accounting Standards Division Iis responsible for setting Chinese Accounting Standards for the Public Sector. Dr. Huang began to work for China MOF in 2004. She has almost 20 years’ experience in the development and implementation of Chinese Accounting Standards both for the public sector and the private sector, and has experience in sustainability standards. Previously, she worked internationally for the Controller’s Office of the World Bank under a secondment program and served as an assistant to Chinese members of several international mechanisms.
Dr. Huang is a member of the Chinese Institute of Certified Public Accountants, and she is currently a non-practicing certified public accountant. Dr. Huang is also a member of CFA Institute and a CFA Charter Holder.
Dr. Huang earned her bachelor's and master’s degrees in management, with a focus on accounting, from Xiamen University. She also holds a PhD in economics, specializing in fiscal theory and policy, from the Chinese Academy of Fiscal Sciences.
Dr. Sung-Jin Park became a member of the IPSASB in January 2025. He was nominated by the Korea Institute of Public Finance (KIPF).
Dr. Park is an associate professor at the Department of Global Public Administration, Mirae Campus, Yonsei University. Before joining Yonsei University, he was an associate professor in accounting (with tenure) at Indiana University South Bend in the U.S. Along with his academic career, Dr. Park had also served as Executive Director at the Government Accounting and Finance Statistics Center (GAFSC) of the Korea Institute of Public Finance in Korea (KIPF) engaged with various tasks on government financial reporting and management such as the enactment and amendment of the accounting standards for government entities and the nonprofit sector, a compilation of comprehensive fiscal statistics, and global outreach through international organizations including IPSASB and OECD.
Dr. Park is a Certified Public Accountant in the U.S. (inactive) and a member of the Korean Accounting Association, Korean Association of Public Administration, and the President-elect of Korean Association of Government Accounting for 2026.
He received his Bachelor’s and Master’s degrees in Public Administration from Yonsei University, MS degrees from Indiana University in Accounting and Taxation, and Ph.D. degree from University of Texas at San Antonio.
Karen Sanderson became a member of the IPSASB in January 2025. She was nominated by the Chartered Institute of Public Finance and Accountancy (CIPFA). She was previously a member of IPSASB’s Consultative Advisory Group, serving from its initiation in 2016 to the end of her term in 2023.
Ms. Sanderson is the technical director for the first ever international financial reporting guidance for non-profit organizations. Prior to this she worked extensively in the public sector, with over 30 years of experience working at different levels of government in the UK and the New South Wales government in Australia. She has more than 20 years of experience of applying accrual accounting in the public sector and delivered the first ever Whole of Government Accounts in the UK. Ms. Sanderson was responsible for UK central government standard setting for 5 years and has been involved in public sector standard setting for over 15 years.
Ms. Sanderson is a first class honors graduate from the Open University. She is a member of the Chartered Association of Certified Accountants (ACCA) and is also a member of CIPFA.
The IPSASB® was hosted by the Ministry of Finance of Saudi Arabia for our final meeting of the year from December 10 to 13 in Riyadh. Thank you to our hosts for providing such a welcoming experience and an impactful meeting to close out 2024.
IFRIC Alignment – Narrow Scope Amendments
The Board approved the Final Pronouncement, Amendments to IPSAS Standards: Specific IFRIC Interpretations which amends IPSAS Standards to clarify the application of existing principles to help public sector entities better understand and apply them consistently. These amendments are effective January 1, 2026.
Presentation of Financial Statements
In our discussions on the statement of financial performance, we noted the usefulness of presenting revenue and expense items in categories with practical considerations that we‘ll explore at future meetings. We also discussed whether sufficient transparency exists for revenue and expense items presented outside surplus and deficit and how presentation requirements can enhance clarity and transparency.
Maintenance Activities
As part of our 2024-2028 strategy, we're focusing on the maintenance of IPSAS Standards. We finalized operating procedures for post-implementation reviews and the IPSASB Application Group and discussed the timeline for implementing both activities. We are looking forward to rolling out both initiatives in 2025.
Sustainability: Research and Scoping
Our first discussions related to researching potential future sustainability projects focused on our remit within the broader sustainability reporting landscape and how future research and scoping will inform our 2025 Work Program Consultation, which will seek feedback on our priorities in 2026 and beyond.
Materiality
The Making Materiality Judgement project discussions focused on research and scoping activities. We agreed the project should take a phased approach: financial reporting will be the focus of the initial phase, followed by sustainability reporting after the completion of the Climate-related Disclosures pronouncement. A project brief is expected to be approved in March 2025.
Strengthening Linkages Between IPSAS and GFSM 2014
In first discussions on the Strengthening Linkages Between IPSAS Standards and GFSM 2014 project, the IPSASB decided the project should have two phases: a phase highlighting the current alignment between IPSAS Standards and GFSM 2014, and a phase identifying opportunities to increase alignment between both reporting frameworks. The IPSASB expects to approve a project brief in March 2025.
Meeting Videos
Recordings of the meetings are available on our YouTube channel.
Next Meeting
Our next Board meeting will be hosted by the World Bank at their head offices in Washington, D.C., USA from March 18 – 21, 2025.
Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants.
IPSASB Members: The global search for volunteer members to join our Board in 2026 is underway. If you have strong knowledge of issues related to financial and sustainability reporting, standard-setting experience, direct experience with public financial reforms, or familiarity with the needs of financial statement users, apply by January 31, 2025.
IPSASB Chair: The Search Committee is seeking a visionary leader capable of guiding the Board and the IPSASB staff through the evolving challenges of financial and sustainability reporting in the public sector. Apply by January 26, 2025.
Minerals can account for a significant proportion of the economic resources in many jurisdictions, and the activities to explore for and extract these minerals require significant investment by mining entities. Up to now, public sector mining entities, reporting under IPSAS Standards, had lacked guidance to produce sufficient information on their investments to pursue the economic benefits of these mineral resources.
“The IPSASB has responded to its stakeholders’ needs by addressing some of the gaps in its literature on mineral resources,” said IPSASB Chair Ian Carruthers. “Together, the new IPSAS 50 and the Amendments to IPSAS 12 will help public sector entities to provide useful financial information and improved accountability in this important area.”
IPSAS 50 provides guidance on accounting for the costs incurred in the exploration and evaluation of mineral resources, based on the selection of an accounting policy specifying which expenditure should be recognized as exploration and evaluation assets. IPSAS 50 is aligned with the private sector requirements in IFRS 6, Exploration for and Evaluation of Mineral Resources, with limited changes for the public sector context.
Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12) adds an authoritative appendix to IPSAS 12, Inventories. The guidance clarifies when to capitalize costs incurred to remove waste material in surface mining operations as inventory or a non-current asset or both. The pronouncement is aligned with the guidance in IFRIC 20, Stripping costs in the Production Phase of a Surface Mine, with limited changes for the public sector context.
The effective date for both IPSAS 50 and Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12) is January 1, 2027, with earlier application permitted.
How to Access
To access the pronouncements, the summary At-a-Glance document, and the webcast, visit the links above. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of these pronouncements to their members and employees.
About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.
IPSAS 50, Exploration for and Evaluation of Mineral Resources, and Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12), have an effective date of January 1, 2027. Earlier application is permitted.
